GigaCloud Technology (NASDAQ:GCT) Trading Down 5%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price dropped 5% during trading on Thursday . The stock traded as low as $17.35 and last traded at $17.57. Approximately 1,114,532 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 2,370,020 shares. The stock had previously closed at $18.49.

Analysts Set New Price Targets

GCT has been the topic of several research reports. Aegis raised GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Maxim Group began coverage on GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock. Finally, Lake Street Capital initiated coverage on GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target for the company.

GigaCloud Technology Trading Down 1.6 %

The company has a market capitalization of $706.43 million, a price-to-earnings ratio of 6.65 and a beta of 1.76. The firm has a 50-day simple moving average of $24.28 and a two-hundred day simple moving average of $30.08.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The company had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. During the same quarter in the prior year, the business posted $0.45 EPS. GigaCloud Technology’s quarterly revenue was up 102.8% on a year-over-year basis. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.67 earnings per share for the current year.

Insider Activity

In other GigaCloud Technology news, Director Frank Hurst Lin sold 93,211 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $29.66, for a total transaction of $2,764,638.26. Following the completion of the transaction, the director now owns 4,219,582 shares of the company’s stock, valued at approximately $125,152,802.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other GigaCloud Technology news, Director Frank Hurst Lin sold 93,211 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total value of $2,764,638.26. Following the transaction, the director now directly owns 4,219,582 shares of the company’s stock, valued at approximately $125,152,802.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The disclosure for this sale can be found here. Insiders have sold a total of 195,741 shares of company stock valued at $5,829,966 over the last 90 days. 43.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its holdings in shares of GigaCloud Technology by 8.1% during the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after acquiring an additional 12,278 shares during the period. Quadrature Capital Ltd bought a new position in GigaCloud Technology during the fourth quarter worth about $2,803,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares in the last quarter. Aptus Capital Advisors LLC bought a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $2,663,000. Finally, Second Line Capital LLC acquired a new position in shares of GigaCloud Technology in the 2nd quarter worth approximately $2,660,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.